Broker sold my shares without my consent, Is there a way to escalate?

S

smart_guy471

New Member
#1
#1
Need some suggestions, this episode happened a couple of years back.

Long story short, my account was maintained by an RM in Edelweiss. He acted in his own interest without my consent, took some positions and to cover the loss. He shorted some of the stocks I had as my holding.

I escalated the issue back then, there were emails exchanged with an agreed timeframe of 3 months to recover my loss, but I had some family issue, and my absence in India made me not to follow up.

Now, I am planning to take up the matter further. I would like to know if there is any clause defined by SEBI that protects us under these circumstances.

Please suggest. Thanks in advance.
 
S

smart_guy471

New Member
#4
#4
Nope, I wasn't informed about the purchase the operator made or the square off they did. I found that I had less shares than what I had when I logged in after few days to check my holdings. Only then, I raised my concern. I know for sure they cannot produce any correspondence for both because they never made one.
 
primitivetrader

primitivetrader

Well-Known Member
#6
#6
smart_guy471 said:
Nope, I wasn't informed about the purchase the operator made or the square off they did. I found that I had less shares than what I had when I logged in after few days to check my holdings. Only then, I raised my concern. I know for sure they cannot produce any correspondence for both because they never made one.
Click to expand...
in case of disputes brokers will present the audio recording of every telephonic conversation they have with client regarding the disputed buying/selling. if they dont have it and dont have any other proof they are in soup.
 
Happy_Singh

Happy_Singh

Happy
#7
#7
smart_guy471 said:
Need some suggestions, this episode happened a couple of years back.
Click to expand...
Don't think you have much recourse than to take it as a lesson learned . . .

Whatever the reasons for delaying it, complaining after "a couple of years" is not going to help you much . . .
But still please go ahead and register your complaint, its better to have it on record against the broker . . .

And a lesson learned for others reading this would be don't wait beyond even a "a couple of days"

Escalation to authorities and resolution at the broker's end, both can happen simultaneously . . .
 
R

Ravishankar3

New Member
#8
#8
See every broker has telephonic conversation records of their clients of last month and also if your position is not strong and you must be trading on limit and once you lose in your limit more than the money you kept with broker as a security he will square off your holdings to recover his money from you by selling your shares.
Edelweiss is a well known company and a proper information and communication must have been tried to setup before squaring off your position, so look for all those aspects and make your case strong first.
 
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